Shares of major biotech companies continued to stumble Monday on concerns the sector may be overheated. The iShares NASDAQ Biotechnology Index ETF (NASDAQ: IBB) and the SPDR S&P Biotech ETF (NYSEARCA: XBI) posted declines of 2.76 percent and 4.02 percent Monday. "We still see more downside risk than upside reward for the sector given how extremely extended it has become on a longer-term timeframe," said MKM Partners' chief market technician, Jonathan Krinsky, in a note to clients. Here is how some biotech companies reacted Monday:
Clovis Oncology Inc. (NASDAQ: CLVS) shares traded in the range of $72.50 to $82.19 Monday before settling to close at $73.52, a decrease of 8.0 percent. The stock appears to be facing some resistance at the $74.33 and $80.16 levels with some support at $62.75 and $50.35. Shares of Clovis Oncology are up approximately 22.0 percent year-to-date.
More information on Clovis Oncology and access to the free equity report can be found at:
www.WallStreetFundamentals.com/CLVS
Cytokinetics, Inc. (NASDAQ: CYTK) shares traded in the range of $8.54 to $9.68 Monday before settling to close at $8.67, a decrease of 8.64 percent. The stock appears to be facing some resistance at the $8.87 and $9.19 levels with some support at $8.31 and $7.59. Shares of Cytokinetics are up approximately 33.0 percent year-to-date.
More information on Cytokinetics and access to the free equity report can be found at:
www.WallStreetFundamentals.com/CYTK
Discovery Laboratories, Inc. (NASDAQ: DSCO) shares traded in the range of $2.24 to $2.49 Monday before settling to close at $2.31, a decrease of 7.23 percent. The stock appears to be facing some resistance at the $2.33 and $2.42 levels with some support at $2.24 and $2.12. Shares of Discovery Laboratories are up approximately 3.0 percent year-to-date.
More information on Discovery Laboratories and access to the free equity report can be found at:
www.WallStreetFundamentals.com/DSCO
InterMune Inc. (NASDAQ: ITMN) shares traded in the range of $30.94 to $34.59 Monday before settling to close at $32.16, a decrease of 7.05 percent. The stock appears to be facing some resistance at the $33.21 and $34.98 levels with some support at $30.25 and $27.68. Shares of InterMune are up approximately 120.0 percent year-to-date.
More information on InterMune and access to the free equity report can be found at:
www.WallStreetFundamentals.com/ITMN
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